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Five Easy Business Wins

Here are a few, simple steps to help you:

  • Keep a spending diary to include even small things like incidental stationery, keep an eye on cash flow, note any trends.

  • Retain all business credit card bills and keep a running yearly average of what you spend on them each month, monitor that spend.

  • Pay off credit cards in full each month – paying interest is just throwing money away, eating into your cash flow.

  • Keep all business account statements and track the overall trend of your balance regularly, is it cyclical spending – is it rising or sinking?

  • Include regular savings as part of your monthly ‘essential costs’ for your business – you will definitely need this money at some point, so rather spend your own business savings reserve, rather than borrowing.

These are just a few simple tips, yes common sense, many of you, if not all of you will do this anyway. It might look like micro-management, but it could save you thousands if you are not looking at this! Consider your fixed costs, can these be reduced, loans can they be looked at with a cheaper alternative? Many of you provide Employee benefits, when were they last assessed, if not why not now? This a good time to make savings and re-evaluate costs, talk to us, I’d be happy to complete a health check it could save you thousands and even help identify any unnecessary overspends.

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